time to take a look

I'm now taking a look at ABZ once again

Coming to the pinnacle of tension with Indo bauxite export restrictions, so things should really heat up leading into 2014 - I'm expecting bauxite prices to perhaps reach $80-100/t if things get bad

Some well respected industry professionals have already commented that major producers in China are fearing having to put plants on C&M due to supply issues and not being able to run them at capacity if Indo do restrict

They've seen the major overhang almost all but gone, in 2 tranches at 16c and 25c - so there is clear institutional demand and punters set at much higher prices

We've seen the share price rally from 16c - 29c and now have a healthy pull back and consolidation at 21/22c for quite some time - smart place to make the CR IMO, just above the 20c support and right where it is consolidating

Now Myra nominees and a new director on board to steer the ship leading into 2014 production

Estimated cashflows from the first mine are still well north of the current market cap, and that is the first of several scheduled mines

One of the lowest capex plays about, requiring only $12M of financing to setup a 750k-1.5Mtpa plant which would see them net (assume margins of $20) between $15-30M p.a profit

On these figures, you have a capex repayment period of less than 1 year, something that can easily be debt financed and avoid dilution at an asset or scrip level

I personally exited at higher prices as expected a quiet phase while Myra got to know everyone and naturally the pull back after it couldn't break 30c from a T/A perspective - but now the CR is done and dusted and I can't forsee anymore dilution, with the instos set at 16c, 21c and 25c, it is looking like a nice setup leading into 2014 - especially that that major overhang being Hudson is all but gone

Have picked up a decent size parcel and will acquire more on any weakness in the SP from the current raise

A big catalyst for these guys will be successful trial mining and more importantly confirmation that they have sourced the $12M of financing to get things moving